Bakken Rig Count Holds at 23 as Oil Prices Remain Elevated

North Dakota's Bakken formation continues to produce at a steady pace as benchmark oil prices hold firm, with the active rig count unchanged at 23 as of Wednesday, May 13, 2026. West Texas Intermediate crude traded at $102.19 per barrel, a marginal daily gain, while the Bakken differential stood at a discount of $3.42 to the WTI benchmark.

The current rig count, a leading indicator of future drilling and production activity, remains at historically low levels for the play. This suggests operators are maintaining capital discipline and focusing on efficiency from existing wells rather than embarking on significant new drilling campaigns. Historically, Bakken production levels have followed changes in the active rig count with a lag of several months.

The sustained high price environment, with WTI consistently above $100, provides strong cash flow for Bakken operators and royalty owners. However, the muted rig count response indicates that other factors, such as supply chain constraints, cost inflation, or a strategic focus on shareholder returns, may be tempering growth ambitions. The Brent crude benchmark was trading at $106.55, down slightly on the day.

Natural gas prices, a secondary revenue stream for many Bakken wells, were recorded at $2.88 per MMBtu. The combination of strong oil prices and a low differential is supportive for Bakken well economics, potentially improving netbacks for producers in the region.

For near-term production, the flat rig count points to a stable output plateau rather than a surge. Operators are likely optimizing production from their large inventory of drilled but uncompleted wells (DUCs) and high-grading their remaining acreage. The current activity level, sustained by strong prices, should maintain North Dakota's position as a top-tier oil-producing state, though significant production growth would require a material increase in drilling activity.